This comes amidst major criticism received by the agency for its lack of data about money entering the local real estate market from foreign countries. This is important to determine if such funding was the cause for the soaring home prices seen in major metropolitan markets such as Vancouver and Toronto.

Hong Kong's Chief Executive Leung Chun Ying announced that the government raised its target for new housing supply, while dismissing calls from developers to lift property curbs as prices are still too high, according to a report from the Strait Times.

A market prediction made by CLSA indicated a price drop in the Hong Kong’s property market for the first quarter of 2016 would likely trigger government action, such as the lifting of double stamp duties previously imposed.

London tops Europe in terms of the most expensive construction costs. However, it appears that the region has been tagged another record-breaking title second most expensive city in terms of construction costs.